Riverwest apartments proceeding--without billboard

A five-story apartment building planned for Milwaukee's Riverwest neighborhood is proceeding without the original design of including a rooftop billboard.

The Common Council in 2011 approved the proposed 122-unit 1150 North apartments, to be built on the north side of E. North Ave. just west of N. Commerce St. That development site includes a city-owned 1.3-acre lot that would be sold for $666,000 to a group led by developer Todd Davies.

A privately owned portion of the development site includes a billboard owned by Clear Channel Communications Inc. The company initially declined offers to buy out its lease, so Davies agreed to replace the traditional billboard with a digital billboard that displays changing messages.

However, Clear Channel has since agreed to a lease buy-out, according to a revised proposal filed with the city Plan Commission. As a result, the rooftop digital billboard will not be part of the apartment building.

The commission is to consider the revised proposal at its Monday meeting.

Other apartment developments seeking zoning approval at that meeting include Ingram Place, a 53-unit building planned for 2101 N. Holton St. A vacant funeral home will be demolished to create a development site.

As I've previously reported, Vangard Group received federal tax credits to help finance the four-story Ingram Place. Developers typically sell the credits to raise equity financing. In return, they provide apartments at below-market rents to people earning no more than 60% of the area median income.

Also, the commission will review Wisconsin Lutheran College's proposal to build a five-story residence hall for around 200 students on the south side of the 8900 block of W. Wisconsin Ave. The college would demolish some smaller apartment buildings it owns at the site to make way for the new project.

Commercial Real Estate News

The council on Tuesday voted 10-5 to support the project, falling two votes short of the supermajority needed for approval. The zoning change needed 12 votes because a protest petition was signed by enough adjacent property owners, said Ald. Ashanti Hamilton, council president.

The opponents were Ald. Robert Bauman, whose district includes the site, along with aldermen Cavalier Johnson, Mark Borkowski, Jose Perez and Tony Zielinski.